It's not yet clear when or how the system will be introduced to the cryptocurrency markets, or which cryptocurrencies the system will be compatible with.
The ink is still drying on the cryptocurrency criticisms leveled by PayPal CEO John Rainey, but this has not stopped the online money transfer giant from filing an application with the US Patent and Trademark Office for a new technology aimed at enhancing its digital currency payment services.
The last time PayPal filed a patent related to the likes of bitcoin, litecoin and dogecoin was two years ago, when it wanted a platform that accepted the currencies. Right now, its users experience a delay between the start of the transaction and when it is confirmed, with about a 10-minute waiting period being common.
The patent describes an "Expedited Virtual Currency Transaction System", involving the use of secondary private keys to shorten wait times for transactions between consumers and merchants. "Issues like this have slowed the adoption of virtual currencies despite their advantages".
"Expedited virtual currency transactions are provided by identifying a first user primary wallet associated with a virtual currency and including a first user primary wallet private key."
The apparent goal of PayPal's system is to make transactions on a crypto network more efficient, making it so that transactions can happen "off-blockchain"; in other words, so that transactions can take place directly between secondary wallets belonging to a buyer and seller. The system would transfer private keys corresponding to an exact amount of any given cryptocurrency.
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